South Carolina Code 59-125-550. Sources of funds to secure bonds; disposition of athletic facilities
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Terms Used In South Carolina Code 59-125-550
- Admissions fee: means the specially designated admissions fee or charge which may, in addition to other charges, be imposed by the trustees upon persons admitted to any event held at an athletic facility, for the purpose of providing funds to assist in the repayment of bonds. See South Carolina Code 59-125-520
- Athletic facilities: means all facilities designated by the trustees as intercollegiate athletic facilities now owned or hereafter acquired by Winthrop. See South Carolina Code 59-125-520
- bonds: means any note, bond, installment contract, or other evidence of indebtedness issued pursuant to this article. See South Carolina Code 59-125-520
- Net revenues: means all revenues remaining after payment of the operating and maintenance expenses of the athletic department but before provision is made for depreciation, amortization, nonmandatory transfers, and interest expenses of the athletic department for a given fiscal year. See South Carolina Code 59-125-520
- Revenues: means all revenues or other income, including investment income, received by the athletic department from the operation of the athletic department and the athletic facilities, and all gifts, bequests, contributions, and donations received by the trustees or Winthrop from any persons, including from any athletic booster organization, for use in connection with the operations of the athletic department, plus any other unrestricted revenues of the athletic department not otherwise pledged that may be made applicable by the trustees to the payment of the principal and interest of the bonds, including such revenues which may fall into the category of nonmandatory transfers as such term is used in generally accepted accounting principles, but excluding:
(i) gifts, bequests, contributions, and donations restricted to a particular purpose inconsistent with their use for the payment of the principal, premium, or interest on any obligations of the trustees or Winthrop;
(ii) the proceeds of any borrowings;
(iii) state appropriations of any sort; and
(iv) revenues, income, receipts, and money received by the trustees or Winthrop for purposes other than those related to the athletic department. See South Carolina Code 59-125-520 - Special student fee: means the fee authorized by this article to be established by the trustees and which may be imposed upon persons in attendance at any academic session of Winthrop in order to provide funds to assist in the repayment of bonds. See South Carolina Code 59-125-520
- Trustees: means the Board of Trustees of Winthrop or any successor body. See South Carolina Code 59-125-520
- Winthrop: means Winthrop University. See South Carolina Code 59-125-520
Bonds issued pursuant to this article are payable from the revenues or the net revenues as designated by the trustees, as well as from proceeds of the admissions fee and the special student fee. Bonds issued pursuant to this article may be further secured by such additional pledges of other revenues or fees of Winthrop as Winthrop may be authorized to grant pursuant to other laws of this State. The trustees may abandon the use of any portion of the athletic facilities or sell or dispose of any portion of the athletic facilities upon the receipt of a written recommendation by the chief financial officer of Winthrop to the effect that such action does not adversely affect the ability of Winthrop to discharge its obligations to the holders of bonds issued pursuant to this article and upon such further conditions as prescribed in the resolution of the trustees providing for the issuance of bonds.